Seniors are Flocking to Get Reverse Mortgages During Coronavirus Pandemic

Seniors are Flocking to Get Reverse Mortgages During Coronavirus Pandemic

COVID-19 has crippled the economies of the world and changed the way we will live in many ways from this point onward.

As experts have pointed out and documented, this deadly virus has even greater risks for our senior population. The increased isolation and anxiety of the unknown has everyone concerned, with good reason. On top of the physical and mental toll, it has also created financial hardships for many older Americans, especially those who were already struggling.

For instance, they are worried about losing opportunities in the stock market, losing a job that they used to supplement their income, trying to keep their business going and not being able to help family members.

In addition, seniors that were receiving nutritional assistance from local agencies are no longer receiving that support. The Reverse Mortgage could ease all these worries and lift financial burdens. Besides using the Reverse Mortgage for necessities, many homeowners use it to meet monthly obligations, especially their mortgage payments. The Reverse Mortgage enables them to pay off their homes in full so that monthly payment can re-directed for other purposes.

Currently, interest rates are low and house values are still strong, so a Reverse Mortgage is an excellent alternative for senior homeowners to utilize some of their house value without creating a monthly payment. Now, they can pay off their existing mortgage and other debts while providing additional money for a possible rainy day. Like anything in life, this might not be the alternative for everyone, but it is a lifesaver to some. If you would like to learn more, give us a call at (410) 788-7070.